Permata and Strategic Investment for Growth

12 December 2019

Disclaimer

This presentation is made by Bangkok Bank Public Company Limited (“Bangkok Bank”) and may not be copied, altered, offered, sold or otherwise distributed to any other person by any recipient without the consent of Bangkok Bank. Although reasonable effort has been made to ensure the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide general background information, current as at the date of this presentation, about Bangkok Bank’s proposed acquisition of a majority stake in PT Bank Permata Tbk (the “Transaction”). Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by Bangkok Bank as being accurate. The completion of the Transaction is subject to the satisfaction of various conditions precedent, including receipt of regulatory approvals in both Indonesia and . There is, therefore, no certainty that the Transaction will complete. The timelines in respect of the Transaction are indicative only and subject to the relevant approvals beings obtained and conditions to the Transaction being satisfied. The pro forma financial impact on Bangkok Bank as a result of the Transaction has been provided for illustrative purposes only, and has not been audited or reviewed by the auditors of Bangkok Bank or any other auditor or financial expert. Neither Bangkok Bank nor any of its directors, officers, employees, and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this information. The facts and information contained herein are as up to date as is reasonably possible and may be subject to revision in the future. Neither Bangkok Bank nor any of its directors, officers, employees or advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this presentation. This presentation may contain projections or other forward-looking statements related to Bangkok Bank and/or the Transaction that involve risks and uncertainties. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. All forward-looking statements are based on information available to Bangkok Bank on the date of its posting and Bangkok Bank assumes no obligation to update such statements unless otherwise required by applicable law. This presentation does not constitute an offer or invitation to subscribe for, or purchase, any shares in Bangkok Bank.

2 Transaction Summary

• Acquisition of 89.12% stake in PT Bank Permata Tbk (“Permata”) in an all cash transaction from Bank (“SCB”) (44.56%) and PT Tbk (“Astra”) (44.56%) Overview −Transaction expected to complete within 2020 • Bangkok Bank anticipates conducting a Mandatory Tender Offer (MTO) to acquire the remaining 10.88% stake in Permata following completion of the Transaction

• P/BV multiple: 1.77x of Permata's book value (subject to certain adjustments) −Final Purchase Price based on last financial statement prior to closing Transaction • Implies Purchase Price of IDR1,498 per share on basis of 30 September 2019 book value Value −Transaction Value of IDR37,430,974 million (US$2,674 million) (1) for 89.12% stake −Transaction Value of IDR42,001,080 million (US$3,000 million) (1) for 100.0% stake

• Financed via combination of internal resources and through routine funding sources Funding • Bangkok Bank does not intend to raise capital via equity for this Transaction

Financial • Transaction is EPS and ROE accretive transaction immediately (FY20E) post completion Impact

• Subject to various conditions including: Conditions to −Otoritas Jasa Keuangan (OJK) approval; Closing − approval; and −Bangkok Bank shareholder approval

Note: 1. On basis of 30 September 2019 book value; Based on exchange rate of US$/IDR of 13,999 as of 11 December 2019

3 Key Strategic Rationale

In line with Bangkok Bank’s international strategy to transform into a leading regional  bank with larger presence in key ASEAN markets

 Establishes a strong foundational platform of scale in a highly attractive and fast growing market

 Uniquely positions Bangkok Bank to capture new and expanding opportunities arising from increasing ASEAN financial and economic integration

 Increases exposure towards high growth markets

 Enhances cross border capabilities for Thai corporates in their increasing overseas expansion needs – Thai investment to Indonesia grew ~25% CAGR(1) since 2008

 EPS and ROE accretive transaction for Bangkok Bank shareholders

Note: 1. Based on Bank of Thailand statistics; outflow of Thai direct investment to Indonesia in all sectors, reflecting the volume of transactions associated with the increase in investment during the period (either in the form of equity capital, reinvestment of earnings, or lending to affiliates).

4 Indonesia – Largest ASEAN Economy Underpinned by Favourable Macro and Demographic Fundamentals

Huge Market with Increasing Urbanization • Largest economy (US$1.04Tn GDP as of 2018) (1) and population (267 million) in Southeast Asia • Rapidly increasing urbanization – 55% in 2018 expected to reach 63% by 2030E (2)

Rising Income Levels and GDP • Indonesia at an attractive financial product consumption inflection point - GDP per capita of US$3,906 (1) • Strong sustained GDP growth projected – 5.0% real GDP CAGR expected over next 10 years (1)

Expanding Middle Class and Young, Large Working Age Population • Middle and upper income population expected to increase by 51MM to 86% of labor force in the next 10 years (3) • Young working age population with median age of 29 years(2)

Low Leverage Levels • Comparatively low leverage – ~36% loans-to-GDP vs. Philippines (51%), Vietnam (136%) and Thailand (82%) (2) • Loan per capita of US$1,356 suggesting significant growth potential compared to comparable ASEAN countries (2)

Rapid Digitization • Largest (88MM)(1) and fastest-growing (10% CAGR (1) to 2023E) internet user base in Southeast Asia • Smartphone penetration has increased rapidly in the last decade and is expected to reach ~100% by 2030 (1)

Notes: 1. Euromonitor Report. Loans-to-GDP and Loans per capita based on 2018 2. Business Monitor International (BMI) statistics 3. McKinsey & Co. Report “Unblocking Indonesia’s Digital Opportunity”. “Lower income” is defined as an annual income of less than US$3,500. “Middle income” is defined as an annual income of US$3,500 to US$15,000. “Upper income” is defined as an annual income of above US$15,000. All three definitions at constant prices

5 Indonesia Banking Sector – Poised for Rapid Development

High Growth Potential of the Banking Sector • Low credit penetration and scope for new product innovation with resilient growth • 15.0% CAGR sector loan growth in last 10 years (2008 -2018) (2,3)

Significant Market Opportunities Across Segments • Retail and mass market driven by over 267 million population while corporate and SME banking driven by credit requirements and increased regional trade flows • Large unbanked population of 84 million (2018) (1,4)

Rising Demand for a Developing Wealth Management Sector • Comparatively low financial asset penetration – ~47% financial asset-to-GDP vs. Philippines (87%), Vietnam (170%) and Thailand (136%) (5) • Disposable income per capita expected to increase by ~4% CAGR over next 10 years (4)

Potential Digital Fintech Partnerships • Partnership with upcoming fintech participants to leverage their vast distribution networks, low cost of customer acquisition and underwriting model

Notes: 1. Population >15 years old 2. Includes loans in Rupiah and foreign currency of commercial and rural 3. 4. Euromonitor statistics 5. Financial asset penetration defined as total financial asset divided by country GDP; Financial assets based on SNL statistics; GDP based on Euromonitor statistics

6 Bangkok Bank’s International Strategy Focused on Capturing Opportunities Through Presence in Key Markets

Long Standing International Presence Core Presence in Key ASEAN Markets … As of 30 September 2019 UK China (1) Branches: 1 Branches: 6 Thailand Indonesia ASEAN Number of Years: 62 Number of Years: 33 • #1 corporate bank in • Presence since 1968 • 13 branches across Thailand Laos, Myanmar, USA Japan • Acquiring #12 largest Cambodia, Malaysia, Branches: 1 Branches: 2 • Largest international bank in Indonesia Singapore, Vietnam Number of Years: 54 Number of Years: 63 network amongst and Philippines Thai banks Laos Branches: 2 Vietnam Number of Years: 26 ...To Capitalise on Opportunities Arising from Branches: 2 Number of Years: 27 ASEAN Financial Integration Myanmar Indonesia is Branch: 1 Philippines the largest Number of Years: 24 Branches: 1 ASEAN Capture retail Growing Number of Years: 24 economy with banking cross-border consistently growth Cambodia Rising income trade, capital, Taiwan high GDP through Branches: 1 levels wealth and Branches: 3 growth and digitization of Number of Years: 4 investment Number of Years: 54 expanding banking flow middle services (1) Malaysia Hong Kong income Branches: 5 Branches: 2 population Number of Years: 60 Number of Years: 65

Singapore Indonesia Branches: 1 Branches: 3 On Path to Become A Leading And Number of Years: 62 Number of Years: 51 Well-diversified ASEAN Regional Bank

Note: 1. Malaysia and China offices belong to the Bank’s subsidiaries

7 Permata is an Excellent Strategic Fit

Strategic Priorities How Permata Fits Bangkok of Bangkok Bank Bank’s Strategies?

• Prudently grow core banking • Retail / SME comprises of ~58% of loan book business operations • Focus on differentiated retail banking capabilities

• Best-in class mobile banking app in • Build out digital proposition Indonesia catered to customers’ changing lifestyles • Focus on increasing productivity through process digitalization PermataMobile X

• Partnerships with Astra and other 3rd party operators • Leverage scale to increase including Kredivo, Home Credit, AirAsia and Indosat to revenue and cross selling boost the fee income growth and diversification of distribution channels

• 12th largest commercial bank in the largest ASEAN market • Continue regional expansion • Strategically located nationwide branch network that strategy enhances customer outreach and further deepens presence in Indonesia

8 Permata – Key Highlights

1 • 12th largest Indonesian commercial bank with 332 outlets, 989 ATMs across 62 cities; over 3.5 million customers across retail, SME and wholesale segment

Diversified, (1) (1) Leading, Mid- • Total loan of ~US$7.6Bn and deposit of ~US$8.5Bn as of 30 Sep 2019 Sized Bank in • Balanced and diversified loan mix with ~32% loans from retail, ~26% loans from SME and ~42% loans Indonesia from corporate and ~50% of CASA deposit as of 30 Sep 2019 • One of the rare, quality bank of scale available in Indonesia over the last decade

2 • Cleansed bank post comprehensive asset restructuring – NPL ratio from 8.8% as of 31 Dec 2016 to 3.3% Well Poised for as of 30 Sep 2019 Growth Post Recent Asset • Well-capitalized bank with one of the highest liquidity coverage (261%) and NPL coverage ratios (164%) Restructuring • Seasoned senior management team with deep expertise expected to continue driving growth 3 Comprehensive • Best-in-class mobile banking app (PermataMobileX app) in Indonesia with 200+ features and 58% Digital Monthly Active Users Capabilities • Comprehensive API offering across industries and digital value chain for wholesale and SME banking 4 Best-in-Class • Growing partnership model with and beyond Astra using channelling and fintech Partnerships in collaborations to boost the growth, diversity and quality of the 3rd party business Indonesia

Note: 1. Based on exchange rate of US$/IDR of 14,179 IDR/USD as of 30 September 2019

9 Permata – Well Poised for Growth Post Recent Restructuring

Significant rebound in profitability and asset quality, positioning the bank for profitable growth Recent asset quality restructuring comprised a complete overhaul including leadership, risk culture, and business mix Recovering Loan Growth with Increasing NIM Driven by CASA Mix and Recovering Profitability and Asset Quality Robust Capital Position Stable Cost Structure Loan NIM NPL Ratio US$MM(1) % % 9,000 5% 12% 7,575 7,646 4.2% 7,502 4.1% Significant improvement in 6,955 3.9% 4.0% 4% 8.8% NPL ratio

6,000 8% 3%

4.6% 4.4% 2% 3,000 4% 3.3%

1%

0 0% 0% 2016 2017 2018 Sep-19 2016 2017 2018 9M19 2016 2017 2018 Sep-19 Loan to Deposit Credit 82% 89% 91% 90% CASA 47% 52% 48% 50% 10.6% 3.1% 1.7% 0.9% (2) Ratio Cost(4) Common Equity Tier 1 and Capital Adequacy Ratio Basel 3 Compliant Operating Expenses Net Income & Return on Average Equity (3) % US$MM(1) US$MM(1) 30% 400 300 323 318 315 One-off loans 53 64 77 20.1% 300 write-off in 2016 19.7% 18.8% 20% 18.4% 17.8% 242 0 15.9% 15.5% 12.1% 200

10% (300) 100

(457) 0% 0 (600) 2016 2017 2018 Sep-19 2016 2017 2018 9M19 2016 2017 2018 9M19

CET1 Ratio CAR ROE (5) (34.0)% 3.7% 4.1% 6.1% Notes: 1. Based on exchange rate of US$/IDR of 14,179 as of 30 September 2019 2. Credit Cost for nine months ending 30 September 2019 3. 9M19 net income is annualised 4. Credit cost defined as bank impairments divided by average loans of starting and ending balance for the period 5. ROE defined as net income attributable to equity holders of the parent entity divided by average shareholders equity value; Regulatory disclosure of ROE, which is based on CET1 capital, was (38.3%), 4.8%, 5.0% and 7.1% for 2016, 2017, 2018 and 9M19 respectively 10 What Bangkok Bank Brings to Permata and Indonesia

Leveraging Bangkok Bank’s Expertise As One of the Largest ASEAN Banks

Key Strengths of What Bangkok Bank Brings to Bangkok Bank Permata and Indonesia

• #1 corporate bank and one of • Leverage expertise to enhance Permata's wholesale and SME the leading SME banks banking offering • Trusted partner to corporate and • Promote transfer of knowledge and FDI by leveraging Bangkok SME clients Bank’s relationships with pan-Asian conglomerates

• Cross-border product and • Introduce cross-broader capabilities to Permata, including trade sectorial expertise finance, supply chain finance, and joint syndication • Full suite of best-in-class, • Expand product and service offering for Permata customers customized, end-to-end solutions • Help Permata clients grow their international businesses

• Meet the increasingly international needs of Indonesian • Thailand’s most international corporates and SMEs bank, present in 14 international economies • Support ASEAN cooperation, including initiatives related to financial integration and financial services liberalization

• Share best practices and know how across various functions, • Best practices across operations including risk management, talent development, and operations and risk management • Utilize Bangkok Bank’s leading risk management capabilities to strengthen Permata's risk management framework

11 Illustrative Financial Impact on Bangkok Bank

Change in Key Financial Metrics (Sep-2019 Basis) US$MM (1) Bangkok Permata Pro Forma Contribution

Balance Sheet (as of 30 Sep 2019) • Bangkok Bank capital position will remain robust post-acquisition of 100% stake. Loan 65,422 7,646 73,068 10% Immediately post-acquisition, Common Equity Tier 1: From 17.7% to Deposit 77,212 8,479 85,691 10% − Estimated 14.5% pro forma (2) Capital Total Assets 105,490 10,937 116,427 9% Total CAR: From 20.7% to 17.2% pro Impact − forma (2) Income Statement (9M 2019) • Bangkok Bank will continue to assess Net Interest Income 1,761 290 2,050 14% raising Tier 2 or Additional Tier 1 capital Net Income to to maintain capital ratios at prudent levels 909 77 986 8% Owners

Key Ratios (9M 2019)

Net Interest Margin 2.4% 4.2% 2.5% +15 bps

Cost-to-Income Ratio 43.3% 61.2% 45.4% +212 bps Estimated • Acquisition will be accretive to Bangkok Impact on Bank EPS and ROE immediately Credit Cost 1.0% 0.9% 1.0% (2) bps EPS and (FY20E) post completion ROE NPL Ratio 3.6% 3.3% 3.6% (3) bps

NPL Coverage 183.4% 164.0% 181.5% (189) bps

Notes: 1. Based on exchange rate of US$/IDR of 14,179 and exchange rate of US$/THB of 30.6 as of 30 September 2019 2. No CET 1, Tier 1, and Tier 2 financing assumed. 100% deduction of goodwill from CET1 and addition of 100% Permata RWAs to Bangkok Bank; As of Sep-2019

12 On The Path to Transforming Into a Leading ASEAN Bank with Meaningful Presence in High Growth Markets

From a Thailand centric financial institution to… …a more diversified ASEAN financial institution

Bangkok Bank Pre-Transaction Loans Breakdown (30 Sep 2019) Permata Will Contribute ~10% of Bangkok Bank Loans

International 17% International 25% Corporate Business Corporate 37% 8% 41%

Business Consumer 8% 15% Consumer Commercial 13% Commercial 19% 17%

From a player in mature markets...... to a player with solid exposure to high growth markets

Bangkok Bank Pre-Transaction Loans Breakdown (30 Sep 2019) (1) High Growth Markets Will Contribute ~16% to Bangkok Bank’s Loans (1) High Growth High Growth 6% 16%

Mature Markets Mature Markets 84% 94%

Loans: THB2,001 Bn (US$65.4Bn)(2) Pro forma Loans: THB2,235 Bn (US$73.1Bn) (2) Notes: 1. High growth markets include Myanmar, Cambodia, China, Vietnam, Philippines, Indonesia, and Laos. Mature markets include Thailand, USA, UK, Malaysia, Japan, Hong Kong, Taiwan, and Singapore 2. Based on exchange note of US$/IDR of 14,179 and US$/THB of 30.6 as of 30 September 2019

13 Attractive Price For a Strategic Investment in Indonesia

• Transaction Value reflects Transaction Multiple in Line with Indonesian Bank Trading Comparables and Below Bangkok Bank’s (1) assessment of Permata's Precedent Bank M&A Transaction Multiples long-term franchise value – Incorporates control 3.35x premium

– Expected long-term 1.75x 1.77x benefits from Bangkok Bank’s ability to integrate and synergize with Permata's businesses Mean of Relevant Precedent Bank M&A Mean of Indonesian Banks Permata Acquisition Multiple • Transaction multiple Transaction Multiple(1) Trading Multiple (2) compares favorably with Source: Market data from Capital IQ, (11 Dec 2019), Company filings precedents • Bangkok Bank’s capital P/BV of Relevant Precedent Bank M&A Transactions in Indonesia (1) position will remain robust post-transaction • Transaction expected to be 4.91x EPS and ROE accretive

3.15x

Proposed 2.00x Acquisition of Permata (P/BV of 1.77x)

SMBC / BTPN (2013) Cathay / Mayapada (2015) MUFG / Danamon (2017) Stake 40.0% 40.0% 73.8% Acquired Source: Company filings

Notes: 1. Includes last 5 year transactions of BUKU 3 banks as of today in which greater than or equal to 40% stake was acquired 2. Includes Indonesian banks with market capitalization >US$1Bn as of 11 December 2019 14 Bangkok Bank Commitment to Permata

• Permata has a highly experienced senior management team and staff who are critical to the bank’s recovery and growth trajectory Organization Structure • Permata is an excellent cultural fit with aligned core values and integration is expected to be seamless • Close collaboration with Permata staff

Continuing Existing • Bangkok Bank intends to continue the existing business relationship between Permata and Astra Business across platforms and products Relationship with Astra

• Committed to investing for growth in Permata's customers, employees and infrastructure Future • Progressive investments in systems and channels, and deepen product capabilities in corporate and Investments SME • Invest in people including comprehensive training and development programmes

15 Tentative Timeline of the Transaction

Subject to Regulatory Approvals and Conditions

3Q 2020 3Q 2020 12 December 2019 (Tentative) (Tentative)

Completion of Bangkok Bank 89.12% Stake Mandatory Announcement Shareholder Acquisition (Post Tender Offer Approval Approvals from OJK and BOT)

1990 1990 1990 1990

16 Appendix

About Permata

Permata Overview

Leading Indonesian Commercial Bank Best-in-Class Partnerships in Indonesia • Established in 1955, Permata is one of the leading listed commercial Low cost model to grow fee income and scale through partnership with best- bank in Indonesia with 332 outlets (including branches and mobile in class operators from other industries (1) branches) and 989 ATMs across 62 cities • Major presence in Greater Jakarta Region and Java island

• #12 largest bank in Indonesia by total assets as of 30 Sep 2019 (online lending (non-bank finance (co-branded credit • Employees: 7,670 as of 30 Sep 2019 platform; joint financing) provider, joint financing) and debit card) • Over 3.5 million customers across retail, SME and wholesale segments • Provides Shariah banking services with loans of US$1.0Bn (1) • Strong partnership model with Astra in payroll accounts, joint financing auto loans, supplier financing and dealer financing (3rd largest mobile operator, (co-branded Shariah digital value chain) debit card)

Loan and Deposit Mix Comprehensive Digital Capabilities As of 30 September 2019

Credit Card and Personal Loan Joint Financing 4% Demand (Auto) 26% 12% Corporate 42% Time Mortgage 50% 16%

Saving PermataMobileX Banking API SME 24% Best-in Class Mobile Banking App in Indonesia Comprehensive API offering across 26% various industries 200+ features Total Loan: Total Deposit: 58% Monthly Active Users (2) (2) IDR108 Tn (US$7.6Bn) IDR120 Tn (US$8.5Bn)

Notes: 1. As of 30 September 2019 2. Based on exchange rate of US$/IDR of 14,179 IDR/USD as of 30 September 2019

18 Permata: Credible and Experienced Management Team

Professional Experience • Managing Partner in DNB Consulting and Investments HK (2014-2016) • Board of Commissioners Member of PT Austindo Nusantara Jaya Tbk (2014-2016), Postcard and Tag Hong Kong (2015-2016) and PT Bayan Resources Tbk (2016), PT Tiga Pilar Sejahtera Tbk (2013-2016) • Director of KKR Hong Kong (2011-2014) • President Director of PT Maybank Indonesia Tbk (2009-2011) • President and CEO AIG Consumer Finance, Hong Kong (2006-2008) • Banking Head Asia Pacific as well as President and CEO Asia Pacific of the General Electric Consumer Group Company (1995-2006) • Head of Corporate Finance of Bankers Trust Jakarta (1993-1995) • VP, Corporate Banking Group Head of Jakarta (1987-1993) Ridha DM Wirakusumah Education Background President Director • Doctorate in Business Administration from City University of Hong Kong in 2016

• Master of Business Administration degree from Ohio University in 1987 (Appointed in Jan • Advanced Management Program from University of California Berkeley-Haas School of Business in 2009 2017)

Lea Setianti Abdy Dharma Salimin Darwin Wibowo Dhien Tjahajani Kusumawijaya Technology and Wholesale Banking Legal and Compliance Finance Director / Stand-in Operations Director Risk Director Director Director

• Appointed in Apr 2017 • Appointed in Dec 2016 • Appointed in Jun 2017 • Appointed in Sep 2018 • Previously served as CFO of Standard • Previously served at several positions at • Previously served as the President • Previously served as Legal and Chartered Bank Indonesia (2014-17) and Standard Chartered in HK, SG and MY Director of PT Bank Andara (2015-2017); Compliance Director, Independent Standard Chartered Bank Philippines (2013- including Global Technology Head for Retail Head Corporate Banking of PT Bank Director and Corporate Secretary of PT 14), Financial Controller of Standard Banking (2015-2016); Global Product Maybank Indonesia Tbk (2009-2014) Tbk Chartered Bank Indonesia (2009-13) Engineering Head Wholesale & Retail Banking (2013-2015)

Herwin Bustaman Djumariah Tenteram Dayan Sadikin Shariah Business Unit Retail Banking Director Human Resources Director Director

• Appointed in Jan 2019 • Appointed in Jan 2019 • Appointed in Apr 2019 • Previously served as Head of Shariah • Previously served as Head of Wealth • Previously served as Director of Kideco Jaya Banking of PT Bank Maybank Indonesia Tbk Management, Retail Liability Products & E- Agung (2018-2019); Managing Director of PT (2013-2018); Shariah Business Unit Director Channels of Permata (2013-2019) Solaris Power Indonesia (2016-2018); Head of The HSBC Indonesia (2011-2013) of Human Capital of PT Indika Energy Tbk (2011-2016)

19 For Further Information and Queries

Contact:

Investors Relations Team Tel : (+66) 2 626 4981 Email: [email protected]

Bangkok Bank Website www.bangkokbank.com

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